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Lowtax posted:Quick poll: Is anyone actually surprised at this point that they're going to get probated for using the word fag in a derogatory way? yes
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Nov 20, 2015 05:02
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| # ? Apr 26, 2024 11:46 |
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Lowtax posted:Quick poll: Is anyone actually surprised at this point that they're going to get probated for using the word fag in a derogatory way? No.
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Nov 20, 2015 05:03
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poopzilla posted:sell "short" means you are selling a stock that you do not currently possess. in the hopes that the stock price will drop by the time you actually have to fork over the stock you sold, which can be like 3 days or longer depending on how you do it. its basically seen as a lovely thing to do because your hoping poo poo fails . Thanks! gently caress him
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Nov 20, 2015 05:03
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brizna posted:so is ladyambien our new mod cuz that seems pretty lame if you ask me. Oh my god, no. I would go crazy with power.
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Nov 20, 2015 05:03
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Guy got fisted by the invisible hand of the free market
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Nov 20, 2015 05:04
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well a lot of people died today. but they only lost the money they had. or they discharged their debt for good. so i guess this guy is worse off after all.
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Nov 20, 2015 05:06
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gently caress you lowtax you human being friend of the family adios dead homosexual forum (USER WAS BANNED FOR THIS POST)
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Nov 20, 2015 05:07
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Lowtax posted:Quick poll: Is anyone actually surprised at this point that they're going to get probated for using the word fag in a derogatory way? No. Also I understand what happened with this guy but don't understand how this guy is out over 100k if Moridin920 posted:Margin accounts let you borrow up to 50% of the equity in your account from your broker to use for trading - IE if I have $20k in my account I can buy $30k worth of stock. and he only had $37k worth of value in his account? Wouldn't he max out at $74k?
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Nov 20, 2015 05:07
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does low tax have to pay to change he own av?
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Nov 20, 2015 05:07
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cant he just go to the whitehouse and show the president his wallet turned inside out then be pardoned?? maybe do it on thanksgiving when he pardons a turkey???
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Nov 20, 2015 05:08
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Lowtax posted:Quick poll: Is anyone actually surprised at this point that they're going to get probated for using the word fag in a derogatory way? Nope. In fact I've stopped using the word 'fag' and 'human being' in real life so thanks actually. Orkin Mang posted:so he traded on a margin. interesting, though i have no clue what that means. He borrowed money. It's like taking a personal loan from the bank and then putting it all on red and losing, essentially. poopzilla posted:sell "short" means you are selling a stock that you do not currently possess. in the hopes that the stock price will drop by the time you actually have to fork over the stock you sold, which can be like 3 days or longer depending on how you do it. its basically seen as a lovely thing to do because your hoping poo poo fails . You can also (I think this is more common but could be wrong) borrow the shares - usually from your broker - and sell them immediately. Then you buy them back at a later date to cover your short. It's seen as a lovely thing to do because 'you're hoping poo poo fails' but in reality you're not doing anything other than buying/selling shares and creating volume/liquidity that is necessary for the market to function in the first place. If there's no one selling, you can't buy; and vice versa.
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Nov 20, 2015 05:08
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poopzilla posted:gently caress you lowtax you human being friend of the family It's a 6 hour probation dude. Chill.
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Nov 20, 2015 05:09
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Roger Craig posted:
Wait I figured it out nevermind
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Nov 20, 2015 05:09
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Moridin920 posted:You can also (I think this is more common but could be wrong) borrow the shares - usually from your broker - and sell them immediately. Then you buy them back at a later date to cover your short. yes thats usually how you do it, i wasnt super clear well cya
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Nov 20, 2015 05:09
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poopzilla posted:gently caress you lowtax you human being friend of the family 
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Nov 20, 2015 05:13
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Roger Craig posted:No. Nah so it goes like this: You have $500. You borrow 100 shares of X stock at $5/each (this is just represented by an open short position usually but mechanically that is how it functions - lender won't loan you more stock equity than you have cash for obvious reasons). If the price goes down, great, you can buy 100 shares at market price and return them to the lender. But, if the price goes up, say to $20 a share, now you have to shell out $2k to cover your short and give 100 shares back to whoever loaned them to you. He'd be able to borrow up to about $55k worth of stock equity but I suspect he didn't do that in this case or he'd owe considerably more than $105k. According to his GoFundMe he got covered eventually at $18.50 - assuming I'm not dumb/high and my math is right that means if he lost a total of $144k on this one trade as he says then he had just under 7800 shares. So his short initially was $15k. Moridin920 fucked around with this message at 05:20 on Nov 20, 2015 |
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Nov 20, 2015 05:16
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Moridin920 posted:Nah so it goes like this: Thanks for explaining. drat wall street really is just smoke and mirrors (and broken dreams).
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Nov 20, 2015 05:19
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Does Etrade make you click through margin disclosures before it lets you place margin trades (which short sales are by necessity)? Because lol if this guy clicked through a bunch of warnings in his hurry to turn his life savings into 100k of debt.
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Nov 20, 2015 05:21
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Lowtax posted:Quick poll: Is anyone actually surprised at this point that they're going to get probated for using the word fag in a derogatory way? Dad always means things in a lighthearted way, I think.
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Nov 20, 2015 05:24
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LadyAmbien posted:Oh my god, no. I would go crazy with power. seems like you already have, no? look within. ----------------
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Nov 20, 2015 05:26
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Gabriel Pope posted:Does Etrade make you click through margin disclosures before it lets you place margin trades (which short sales are by necessity)? Because lol if this guy clicked through a bunch of warnings in his hurry to turn his life savings into 100k of debt. Yeah. They even have a bullet point that says 'margin trading can result in a below $0 account balance' and it is the only warning out of the 5 that is bolded.
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Nov 20, 2015 05:26
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Lowtax posted:Quick poll: Is anyone actually surprised at this point that they're going to get probated for using the word fag in a derogatory way? Fag was a compliment in that context
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Nov 20, 2015 05:34
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Lowtax posted:Quick poll: Is anyone actually surprised at this point that they're going to get probated for using the word fag in a derogatory way? Can you ban for this instead tia
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Nov 20, 2015 05:41
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what the hell is a "fade", why do people trade on technicals
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Nov 20, 2015 05:48
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I object your honor, those disclosures I signed that said I knew what I was doing and accepted the consequences were like, super boring
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Nov 20, 2015 05:53
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Lowtax posted:Quick poll: Is anyone actually surprised at this point that they're going to get probated for using the word fag in a derogatory way? Yes but also more surprised that Lowtax is moderating again
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Nov 20, 2015 05:57
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oooooh i see, he was in at $2 and planning to ride it down to pennies. welp sorry chump
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Nov 20, 2015 05:57
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Gazpacho posted:oooooh i see, he was in at $2 and planning to ride it down to pennies. welp sorry chump Seems like a good idea for me to poop on
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Nov 20, 2015 05:58
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Moridin920 posted:Yeah. They even have a bullet point that says 'margin trading can result in a below $0 account balance' and it is the only warning out of the 5 that is bolded. https://content.etrade.com/etrade/customer/invest/Margin_Option.pdf Having a lawyer won't help since the the application states the customer agrees the account is, "governed by a pre-dispute arbitration clause". So this will probably go to arbitration first, and they will probably find in favor of etrade. If etrade is nice they'll set up a payment plan. But I wouldn't wipe his obligation clean, because the guy would probably become emboldened and make the same mistake again. Buying puts is safer than shorting, but this particular company appeared to have no puts traded, so he should have avoided it. FYI, the guy that destroyed this short-seller, and probably several hundred others much larger, was Martin Shkreli, the big, bad Turing Pharmaceuticals CEO that your next President, Hillary Rodham Clinton, criticized publicly a few weeks back about raising the price of an old drug for a rare disease from $13.50 a pill to $750 a pill. Why this short-seller and many others got eviscerated: http://www.bloomberg.com/news/articles/2015-11-19/kalobios-surges-seven-fold-after-investment-from-martin-shkreli?cmpid=yhoo.headline Background on the big bad Pharma CEO named Shkreli: http://www.forbes.com/sites/arleneweintraub/2015/09/21/clinton-blasts-shkreli-for-price-gouging-on-drug-he-doesnt-blink/
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Nov 20, 2015 06:09
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so who gets the 100k that he owes? the etrade company?
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Nov 20, 2015 06:11
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etrade would get the interest and trading fees, the share price goes to someone who was holding the stock and is now looking to cash out
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Nov 20, 2015 06:15
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by Grabthar's hammer
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Nov 20, 2015 06:16
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Isn't it more funny that if he actually bought $37k of the shares, he would be +$250k ?
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Nov 20, 2015 06:21
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you thought you had a bad dad gay?
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Nov 20, 2015 06:51
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In the U.S., short selling falls under the regulatory authority of the U.S. Securities and Exchange Commission, or SEC. While temporary bans on short selling financial stocks on so-called "downticks" have been implemented in the U.S., a years-long quantitative analysis on such actions finally led to a repeal of anti-short selling regulation in 2007. and we all know what happened in 2008 what i dont get is why there isn't as this guy said (even though he was warned) a circuit breaker to immediately sell the stocks should the price increase past whatever amount he bought them for (so if he bought it at 2, if it went over 2 right) automatically to end up with a 0 balance. or is it some mechanism to punish this kind of speculation that the market allows for
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Nov 20, 2015 06:51
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wow probe for the word fag get the gently caress outta here
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Nov 20, 2015 06:57
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Relin posted:what i dont get is why there isn't as this guy said (even though he was warned) a circuit breaker to immediately sell the stocks should the price increase past whatever amount he bought them for (so if he bought it at 2, if it went over 2 right) automatically to end up with a 0 balance. that would kinda encourage everyone to short everything
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Nov 20, 2015 06:58
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gargle chome posted:wow probe for the word fag get the gently caress outta here It's actually good because if that's the best insult you can come up with you deserve a probation
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Nov 20, 2015 07:00
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Anybody who attempts to do anything with stocks other than buy low, hold, and then sell high is an rear end in a top hat; and I'm glad this happened to him. The stock market sucks.
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Nov 20, 2015 07:03
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Guy sounds like an idiot, got what was coming. Eat the rich
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Nov 20, 2015 07:11
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